Sunkar receives big pay day

Sunkar Resources said it had received the first chunk of its payment for work on a new railway line in Kazakhstan.

Last week the firm announced its subsidiary, Temir Service, had signed an earth moving contract for the new railway line.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

The prepayment of KZT 361m, is worth around $2.4m at current exchange rates.

The work is scheduled to be completed during the second quarter of 2013 and the company expects the revenue to make a significant contribution to the working capital of the company.

Sunkar is hopeful the deal will mean it can retain core qualified personnel for next year's mining season.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.